Top banker vows loyalty to DEI at Tokyo Pride Parade as Trump's pushback rages

Japan Times

6 hours ago

The head of one of Japan's largest investment banks used the Tokyo Pride Parade to strike a rare public stance on pushing ahead with diversity initiatives, as U.S. President Donald Trump seeks to abolish such policies.
Few Japanese corporate executives have taken a clear position on U.S. efforts to roll back the diversity, equity and inclusion policies that had become common at global corporations, though many firms appear to have quietly maintained their initiatives.
"Even if the U.S. has adopted an anti-DEI policy, Japan should press ahead and make up for lost time rather than following suit,' said Akihiko Ogino, president and chief executive officer of Daiwa Securities Group, before the start of the Tokyo Pride parade near the bustling Shibuya area.
He was speaking Sunday at his first visit to the Tokyo iteration of the global event that organizers describe as "advocating LGBTQ+ rights and dignity.'
Faced with a rapidly aging and shrinking population, some Japanese firms have sought to bolster the pool of available workers by becoming more inclusive of different gender and sexual minorities, as well as women.
Major financial firms including Nomura Holdings, Goldman Sachs Group and Deutsche Bank are also among the sponsors of the event, according to its website.
Companies around the world that do business in the U.S. have faced a dilemma in dealing with the abrupt about-face on the issue.
Trump has vowed to stamp out diversity policies across the board, saying they are illegal and have disastrous consequences. In response, Citigroup withdrew its ambitious DEI goals and other U.S. financial firms have made adjustments.
Ogino said he doesn't necessarily oppose the anti-DEI movement in the U.S., but that he thinks it's "important to recognize that there are people with different viewpoints and work together within an organization.'
"I believe we should acknowledge such diversity, recognize the differences between ourselves and others, and work together while respecting each other,' he said.
Daiwa earned less than 7% of its ordinary profit last fiscal year through businesses in the Americas as a whole.
Japanese automakers Nissan Motor and Toyota Motor rolled back some initiatives in the U.S. last year after pressure from conservative activists like Robby Starbuck.
Sumitomo Mitsui Financial Group erased references to DEI from its American websites, but the Japanese company left its international websites untouched, describing the U.S. changes as part of a global digital restructure "after many months of planning.'
A survey by the Mainichi newspaper published in March found 83% of Japanese companies who responded agreed that DEI initiatives are necessary to secure talent.